global headquarters and here's your "five@5." we begin with a late summer stock pop. a relief rally is underway as investors make big bets the historic cycle is complete. and crypto bulls. they get a historic win. shares of the biggest bitcoin fund, they're surging on a landmark court ruling. we're also bracing for idalia. hurricane expected to make landfall in florida this morning as a category 4 storm. residents are being urged to evacuate. we have a live report from florida in just a moment.

plus, amazon under fire over what the fids are calling illegal drug sales. and later in the show, ahead of the friday jobs report, we ask where the jobs are. we're taking a close look at one sector helping with the recent hiring surge. it's wednesday, august 30, 2023, and you're watching "worldwide exchange" right here on cnbc. good morning. welcome to "worldwide exchange." i'm frank holland. let's get you ready to start this day as always. we kick off the hour with a check on the u.s. futures after a positive day for wall street that saw the s&p post its best single-day gain since early june. taking a look right now, the dow jones fractionally higher, essentially flat. the nasdaq down in the market. the two-year level hitting its lowest since august 11.

taking a look at the 5 year note, 4.29%. the 2-year, 4.9. we're taking a look at crude price this morning. wti at 81.62 up a half a p percent. natural gas moving higher this morning. turning our attention back to equities which would appear to be in relief rally mode to close out what has been an otherwise pretty brutal month for stocks. the s&p, they're down an they're trading above their 50-day moving average. this is the 50-day moving average line. but they still have a bit of work to do to get back above water in the month of august. they're down 2%, dow, and the

nasdaq is having the worst monthly loss in all of this year. joining me now is josh from hen see funds. good morning. >> good morning. >> give us your thoughts on the majors moving higher. as noted, it's been a difficult month of august. >> it's been a difficult month. we're in earning season and it's been lackluster. i think more than anything, it's news out of china and the rae and news softening probably inially. it points to the idea that, yeah, we're at the end of a rate hike cycle. the neck time the market really prices in any action by the fed is really not until next summer, around june, where there could

potentially be a cut. until then it's kind of treading water. there's really no conviction in the fed doing too much of anything until then. so i think the market likes that apparently. >> what about you? where do you have conviction? certainly we're seeing some parts of the market working. >> yeah. well, i think the conviction -- certainly overall the market -- i think the headline, kind of pe on the basis for the s&p is about 20, and that may not be so compelling, although, you know, versus the nasdaq at 35, i think the market is not terribly frothy. i think of particular note would be midcaps, that traded less than 15 times. we're taking a close look at those and feels like there's opportunity there. they've lagged the market by a good amount this year. >> i want to go back to chinese property stocks. i know that's something you're watching. give us a sense on that.

a fundstrat note from last night. it's proving to be strong in many categories and some evidence of bottoming out in china and metals but can't rule a stalling out in the next several days specifically because of yields and the tnx crashes under 4%, then it's likely the rally extends. is a lot of this china property stocks hitting the bottom and finally showing relief and these yields continuinging to fall? in your mind does that set us up for a rally going into september which is traditionally a pretty difficult month? >> i think that's right. i would agree. the 10-year sits a little below where it was about a year ago am we still have an inverted yield curve. we've seen what the news out of china to real estate has done to thinks hike the price of crude taking it below 80, and i think

a lot of that is the idea of a contagion coming out of china. about a third of the u.s. dollar bonds related to residential development are in fault. not good for the company in the u.s. an elsewhere and certainly we in this country on the commercial side of the real estate equation, we'll see some weakness at some point or more weakness as, you know, commercial rae continues to, you nknow know, comes in and the u.s. is in trouble. all of it looks at how it sets up for the future. >> something we're certainly going to be watching. we're going to also look at impacts of the jobs market later in the show. josh wein, thank you very much. let's get a check on the top

stories. it's good to cecil vrana he. see silvana. they were wrong in thinking grayscale could bid into the fund. they'll now have to reconsider. investors not only piling on gray grayscale, but coinbase, marathon digital, and robinhood all coming off sharply lower closes yesterday. watching the price of bitcoin this morning, let's see what we're doing now. down 1.6% in premarket. and what a difference a day makes. just days after capturing the title of the world's most valuable automaker, shares are sinking, down 4% yesterday and losing $0 billion in market

value this week alone. and amazon is facing league action by the fda. it's the third such letter asking amazon about sales of a drug used to treat skin conditions, one that's not cleared for over-the-counter sales. drugs are being marketed for use by children and that amazon must address its concerns or risk, quote, legal action, frank. >> silvana, thank you very much. we'll see you later in the show. a lot more to come on "worldwide exchange" including one word that investors have to note today. but first your big money movers and why shares of box are sinking after the open. they're down more than 18%. ahead of friday's jobs report we're asking where the jobs are and we're taking a look at one sector helping in the

hiring surge and that is construction. and later in the show, we're tracking idalia as it's strengthening into a category 4 hrricane off the fufl coast. weave a live report coming from the ground. we have a busy hour straight ahead when "worldwide exchange" returns. my cpa told me i wouldn't qualify for the erc tax refund, so i called innovation refunds. their team of independent tax attorneys will work with your cpa to determine if your company is eligible. [whip sound] take the first step to see if your small business qualifies.

exchange." let's see how europe is shaping up as its trading day is getting

under way. our julianna tatelbaum is live in the newsroom with much more on the early action. julianna. >> frank, good morning. let me start out with what we've seen in asia overnight. pausing for breath, i think you could see. the shanghai composite ended flat. keeping an eye on gina raman do's visit to china, a four-day visit concluding today, suggesting china is uninvestable for a number of american companies. in hong kong we had a massive drive by the chinese maker. the nikkei 225 went up by 0.33%. as for european trade it's been championshipy throughout the morning, but in the last half hour, 45 minutes or so, we have taken a turn for the worst. the xetra dak doax down. we've had regional inflation

rates come through. four out of six key german states have seen an acceleration in inflation. the bangs meet in a couple of weeks. if the german pier has actually deteriorated rather than gotten better, perhaps a rate height is more than likely come september. we're going to get the national inflation rate for germany in just a few hours. look out for that. tomorrow we'll get the inflation rate, the flash number, for the overall eurozone. a lot to play for on the macro front over the next cup oouple days. we're going to stick with the overseas action. u.s. commerce secretary gina raimondo wrapping up her high-profile trip to china today. eunice yoon joins us now with exclusive comments from the secretary. eunice. >> reporter: thanks so much,

frank. the u.s. secretary just wrapped up her last press conference before she heads home. she described her visit as productive. this is after a whirlwind tour here in shanghai where she visited various examples of u.s./china cooperation, shanghai disney land, nyu's local campus, as well as this boeing fa sul. in this exclusive i asked her about the concern she hears among u.s. businesses that china is just uninvestable. she said that u.s. companies want to do business here but they just don't know what to expect. >> all of those regulations make -- it's an unlevel playing field for u.s. businesses. it's unpredictable. and so my message was there's a desire to do business, but we need predictability, due process, and a level playing field.

>> reporter: i also asked about cases like micron, intel and a possible chinese policy to retaliate against u.s. company for her department's export controls. this is what she said. >> i think that that retaliation, if it is retaliation, isn't good. like that isn't the way to build confidence or attract u.s. and foreign direct investment. >> reporter: frank, her main message was action speaks louder than words. in fact, she brought up with me that a boeing deal would be a good action and a sign that china is serious about rebuilding confidence among american companies. >> so obviously a very important trip both for diplomatic reasons and also business reasons. what's been the response in china? >> reporter: so far on the chinese side the government has from her perspective made no

comment, although, they've been very welcoming to her for this visit. the chinese population has also been enjoying her visit here. in fact, when i was at shanghai disney land with her, there was a little girl who came up, ran over and hugged her, and it was just, again, another one of those moments where you could see american soft power in china. >> eunice, a big story, but you're kind of burying the lede. what was disneyland like in shanghai? >> actually i've been there so many times, so for me i was more focused on the commerce secretary. >> really? >> yeah, several times at this point. obviously a lot of fun, and you do get to see a lot of interesting ways in which the u.s. and china both benefit in this way. it was a lot of fun to be there. i was very much focused on my job. >> sounds like a very interesting trip with the secretary. i hope you got a fast pass.

time now for our beg ig mon moves. we're going to start with box. box says the slowing economy is putting pressure on customers' it. . the budgets, those shares down more than 8%. ambarella ease revenue is down. they expect third quarter sales well below estimates. customers are aggressively reducing inventory and has seen a weakness in end market demand. those shares down more than 20%. shares of computer maker hp, they're falling hard after they missed third quarter forecasts. they're being cautious on the fourth quarter as it deals with a slump in the pc market and sluggish tee panhandle in china. they do not see a recovery in china happening any time soon. those shares down than 8%. we've got much more "worldwide

exchange" coming up after this. st wh ayitus. *trade's easy-to-use tools, like dynamic charting and risk-reward analysis help make trading feel effortless. and its customizable scans with social sentiment help you find and unlock opportunities in the market. e*trade from morgan stanley. with powerful, easy-to-use tools, power e*trade makes complex trading easier. react to fast-moving markets with dynamic charting and a futures ladder that lets you place, flatten, or reverse orders so you won't miss an opportunity. e*trade from morgan stanley

welcome back to "worldwide exchange." we're following a developing stoifrm hurricane idalia is gaining strength and is looking to make landfall in florida as a category 4. it's currently a category 3.

there could be maximum winds of 135 miles an hour. nbc's jay gray joins me now with much more. jay, good morning. >> reporter: good morning, frank. an update to that. we now know idalia is a category 4. it ee reached that 130-mile-an-hour threshold and now a major category 4 storm barreling in on the coast of florida. that just happened. we just got an upday on that. what does that mean? severe winds, a strike along the coast with a storm surge of 12 to 16 feet. that would be unprecedented in this area to see that wall of water moving in and catastrophic obviously. here in gainesville right along the path of that storm or east of the dirty side of the hurricane, we're going to see hurricane-force winds and driving wind that will continue for quite some time. we're talking hours for these

types of conditions. this is an area that's populated heavily with trees. we're going to see tree pulled down, power lines pulled down. we know that power crews from the country are already staged out of the strike zone and they'll move in. it may be a while before they can get to this area. it's also the home of the university of florida. so you've got a lot of students here, a lot of faculty. they've been told move to higher ground, and those who haven't now don't have that opportunity. we've seen the outer bands of this area moving through. you've covered hurricanes, so you know what that means. heavy bands, heavy rain, heavy wind and it drops off and it clears and the next band. it's go ing to be a full-on storm in the next couple of hours. we expect landfall around 6:00 to 7:00 eastern time. >> you and i were on the ground for hirks ida a few years ago. let me ask you. that storm lasted quite a few

days. how long is this one expectecoa carolinas, but it should clear this area by the end of the day at the very latest, which will allow those teams to move in and begin trying to restore some of the power and assessing some of the hardest hit areas. >> so, jay, you mentioned university of florida is right there in gainesville. about 50,000 students go to that school. it's a pretty densely populated area. has the national guard been deployed? what are the measures to alleviate some of the issues there? >> reporter: no, you're absolutely right. we have been told that the national guard has deployed 5,500 troops. they're in position, and they'll move in after the storm passes

to help in any way they can, whether it's a rescue or some type of securing an area that's been hit severely. but, again, that's all up to the assessment. can't make that until the storm moves through, and everyone here now bracing for the effects of that. >> our jay gray live in gainesville. jay, you stay great. thank you for the great reporting as always. look at the energy mar oil prices are of the u.s. enery and demand from hurricane idalia. che chevron, they're not wasting any time. they're closing down platforms. chevron is the only one in the green. pippa is tracking the energy market. >> the recent move higher means every stock is above its 50-day

moving average, which is a widely watched momentum indicator. tech is at 5 %. energy stands out here. for the overall s&p 500, 40% are above that key technical indicator. energy also leads when it comes to the 200-day moving average compared with 54% for the s&p. now, the strength knolls a sustained move higher for oil on the heels of production cuts from opec and strong demand for petroleum products. plus with the group's underdeveloped investments, they think it could look more attractive. it's in a league of its own. but jc o'hara notes the last time it happened in nosh, it did mark an inteter immediate top

for energy. it's warranted as the sector catches its breath. he said investors should boy any dips in september. positive over the last month. back to you. >> thank you for that live report. as we head to break on "worldwide exchange," we have a special programming note. join us for "delivering alpha" in new york city where we will convene investors and leaders to provide insight on blangs risks with maximized returns. scan the code or visit cnbc.com. i'll be there. hope to see you there. much more "worldwide exchange" coming up right after this.

it is right around 5 china 30 a.m. in the new york city area. there's a lot more on "worldwide exchange." here's what's on deck. stocks coming off on one of their best days in weeks as investors brace for what appears to be the end of the cycle. futures are in the red today. adp. private payrolls are due out in three hours from now. we speak with one employers whe sector has been tracking it. and ahead, hurricane idalia barreling down on the u.s. coast. expected to make landfall later this morning. it is currently a category 4 storm. it's wednesday, august 30th, 2023, and you're watching

"worldwide exchange" right here on cnbc. ♪ >> and welcome back to "worldwide exchange." i'm frank holland. let's get you ready to start the day. we pick up the hour with u.s. stock futures after a mostly higher stock session yesterday. you can see right now the markets are solidly in the red. all have moved to the downside in the last half hour or so. we're seeing the bonds move lower following the j.o.l.t.s. report. the 2-year back below 5%. the 10-year, six, seven basis points lower than it was yesterday. we'll continue to watch that action right there. weal want to look at the energy markets as the u.s. energies on the golf coast, they brace for hurricane idalia. now up almost three-quarters of a percent higher. similar story for brent crude,

now up solidly at half a percent. to a key focus on wall street this week, that is jobs. july j.o.l.t.s. yesterday, adp private payrolls today. tomorrow, the initial claims. they're all setting the stage for the big show on friday, the jobs month. h health care strong has added the most amount of jobs following by construction and then financial activities. construction in particular showing labor shortage ranges from houses to schools to infrastructures and even hospitals. let's talk more about what's happening on the ground with dave and his company that manages over $1.6 billion in construction projects annually. dave, good morning. great to have you here. >> good morning. >> looking at a recent cnbc story, according to that,

there's a shortage of about 650,000 u.s. construction workers in the u.s. how does that impact your industry and the broad ier industry? >> i think the industry is definitely impacted. we're lucky that there are markets where you can still find good tradespeople. however, when you get into some of the markets farther from the big cities, it's just not happening. jobs are slowing and stopping. >> we mentioned this a bit ago. construction tied for the second most jobs added in july. how does that impact wages and also your ability to find the right talent for specific projects? i'm talking about health care and tech, things like labs and data centers where you're seeing strong demand? >> it's a systemic problem, unfortunately. it's not something we're going to solve this week or this month or this year. this is more positive.

but you saw the big jump this last month. i don't believe that's going to continue because there aren't the people. immigration is down. birth rates are down immigration has been down since 2016, and that's where a lot of people entering the construction trade market come from. until we get that corrected, it's not going to get better. >> what about wages? are you seeing wage pressure? >> absolutely. >> are your employees hopping from job to job? people don't know this. i worked in construction for a bit and my mom was in construction. i know how hard it can be to find construction. contractors look for better paying jobs maybe sometimes while they're work on your job. >> absolutely, especially in the tech sector as you mentioned. we have a number of projects going, for instance, in phoenix, where there's a huge boom with the chip plants, et cetera, and you're seeing offers to tradespeople on our job sites

that are $5, $6, $7 more than the already high wages that have escalated in that area over the last five years. >> do you run into the issue that we see when it comes to residential projects you have a subcontractor start a job and get a better offer. they're still working on your job but they migrate to the higher-paying job? >> we're blessed ed -- that's a great market. but we're blessed we have amazing trade partners that don't do that to us. >> i want to ask you about twoary yas that have been a headwind for the financial market. i want to ask how it impacts construction. supply and demand for real estate. how does that impact your business? >> the less demand for commercial real estate is huge. obviously banks are not lending for commercial real estate, especially office space. i mean if that's -- if you can borrow it. the interest rates are three times what they were just a few

years ago. so that's not going to -- you know, that definitely affects us. however, to be honest, it loosens up the market for labor a little bit. so i guess there's a silver lining in that cloud. >> what about supply chains and prices for materials? >> we're seeing an improvement. you mentioned the data center market where we used to get large generators in six months, it went up to over two years. it a is getting back down to around the year mark. we're seeing that loosen up. and the prices for raw materials are leveling, so that's good. we don't see it -- they won't be back to the rates -- or the lead times that they were, you know, two years ago for some time. >> all right. we have a jobs report coming up some of you're saying the hiring spree we've seen this summer isn't is up sustainable. what's your forecast? do you see that number falling because of the availability of workers or is there maybe one

more month of a hiring surge in there? >> well, we ear hoping for one more month, that's for sure. unfortunately i can't project that. yeah, i think you could get another month. you could get another month. >> dave hall, it's great to have you here. dave hall of clune construction. thanks for being here. >> thank you. we're going to shift gears to earnings. salesforce earnings after the bell, the shares are up 60% but they're underperforming since they began settling with six activist investors back in mar after agreeing to focus on property growth. this quarter they're looking to increase revenue by 10%, eps at 59%. margin is especially important. expense management, that was a key issue for activist investors. the key measure outside those results is current remaining

performance obligation. it's $23 billion or 10% year-over-year growth. that would be the smallest increase in quite a while. part of it is salesforce is maturing as a company. jpmorgan put out a note yesterday citing concerns on unevenness and availability of demand. comments on the 9% price increase that started this month and the adoption of sail-force's monetized offerings, sales gdp cost $60 per user a month. joining me to look ahead at the sales is rob. good to have you here. >> good morning. thanks for having me. >> let's start off ahead of earnings. >> we're currently neutrally rated on salesforce. i think you captured it very well. if you look at the stock move,

it's up 60% year to date, and you're right. a lot of that move was on the back of an activist push at salesforce to really become a much more efficient operating margin company after years of really not having focused on that at all, having a company that was growth at all costsful recall it wasn't that long ago that this was a 20-plus billion particular company with teams' operating margins. they're approaching 30%. the activists are now largely gone, and i think as you alluded to in your opening remarks, we believe that the focus will begin to shift and is shifting now toward revenue growth and what salesforce can do there. you mentioned the crpo guide, which we think has built in some conservatism for the quarter, but the big question is salesforce going to be a double digit to teams grower or

something slower than that. >> i want to point out your price target is 210. the stock is trading at 212 right now. you see clearly the stock moving sideways or taking a dip and popping up later. what's the path for salesforce? important to note its convention treatment force is coming up very shortly. >> dreamforce, you get to spend time in san francisco in a couple of weeks. it's sail-force's annual event. just to note we'll not host an analyst convention this year. the key remark is around what the growth is going to be, and i think the drivers are going to be certainly the price increase but also ai monetization, which we can talk about. though will be offset by the

macro, and it is tough. the sales cycles are still longer, deal sizes are still longer. those are things that are a headwind for salesforce. >> let's get right into it right now. what is the demand picture when it comes to salesforce? is it generally a bellwether and what are you hearing about this adoption of its monetized ai products? >> great question. i think the thing with sails force to keep in mind is it's a tremendous innovator because salesforce is one of the first companies to prove that software can be not just about creating efficiencies but also driving revenue. mark benioff was the pea near. it was something that wu not even thought of as possible for software. that being said when you get into a tougher time, more of the

discretionary markets. to date we haven't seen particulars go back there. that's where the street is mentioning the p. ochlt number. we believe it has conservative number built into that. top line growth is there and salesforce is a measure. >> rob, always great to have you here and get your insight. dreamforce coming up. it will be an interesting year. coming up on "worldwide exchange," why my next guest says the move in the 10-year is set up to help retest cerent high and what he's suggesting you buy on its way up. we're back after this. ♪"please don't go" by harry casey, richard raymond finch♪ (sfx: ping) (♪♪)

♪ please don't go ♪ ♪ please don't go.. ♪ ♪ please don't go ♪ ♪ please don't go ♪ ♪ don't goooooo! ♪ (♪♪) ♪ don't go away ♪ (♪♪) ♪ please don't go ♪

all right. welcome back to "worldwide exchange." it's time for your morning call street. we start with bernstein with a price target of 145. while there's nothing fundamentally wrong with the 15-year horizon, analysts feel like it's longer than many investors currently have. their forecast, they appear to be far too high. cowen is cutting ambarella to market perform from 90 bucks to 65 bucks. this follows the company's disappointing earnings. ambarella expecting third quarter estimates to come in

well below. it's still a long ways off from fulfilling that promise in the near term at least, those shares down almost 21% right now. moving to the transport space, citi is naming fedex as one of its top picks. it has a buy rating of 285. it highlights the pricing power. it happened after the u.p.s. contract talks and yellow. those shares right now unchanged in the premarket. and time now for your global briefing. we begin with inflation and a key german state inching up ahead of the country's overall figure later today. monthly pricing figures in energy, clothing, alcohol, and tobacco driving the uptick. meanwhile food and health and beauty products offset a larger global increase. toyota global sales grows by 8%

for the sixth straight increase. they're also reporting a 15% rise in global production. that's one day after shutting down more than a dozen of its domestic facilities due to a computer malfunction. and the city of guangzhou is easing its mortgage rules amid a slumping economy. the move, the first by a major chinese city, allows homeowners to take on preferential loans that were previously limited to first half time buyers regardless of their credit records. ahead on "worldwide exchange," the one word that every investor needs to know today. but first we're watching hurricane idalia. it's a cegatory 4 storm set to make landfall in florida today. we're tracking its path. stay with us.

all right. welcome back to "worldwide exchange." live shots from across florida as the state and the region, they both brace for hurricane

idalia. looking at live shots of orlando, tampa bay, and pasco county, already battering the coast as a category 4 storm and expecting to make landfall in the next hours. nbc's michelle grossman tracking the storm. michelle, what's the latest? >> great to see you. we're at a major hurricane level. we're looking at hurricane-force winds. it strengthened overnight and it strengthened quickly. it's going to make landfall in the next couple of hours as a category 4 storm. here's the location. 60 miles west of cedar key, florida, it's close to landfall. you see the eye and the outer rain bands bringing the heavy rain. we're village reports of roadses be flooded, sea walls being breached. we could certainly see a lot of power outages. take a look at all of these

tropical alerts. 18 million people impacted. it's not just florida. it's georgia, south carolina, north carolina. also rainfalls, gusty winds as well. let's take a look at the track. it's so, so close. category 4. that's what we're expecting. somewhere around the big bend of florida, a lot of rains and gusty winds. around 30 miles an hour. especially in the northeast area, we could see gusty winds. we'll keep the strength before it decreases. still bringing lots of rain and surge to the carolinas. it will be off the coast by thursday. a cold front will sweep it off the coast. let's take a look at the storm surge. the national weather service is using words like catastrophics, life-threatening, historical. you could see a storm surge. what is that? that's a wall of water that goes over dry land. you cannot outrun this.

it's very dangerous. swells as well, up to 5 feet in some spots. frank? >> michelle grossman live in new york tracking hurricane idalia. time now for your w.e.x. wrap-up. amazon facing a threat of a league action for unapproved drug sales. the world's largest bitcoin fund trust coming off its best day in two years after a u.s. court ruled against the s.e.c. the decision to deny them a position. stocks of marathon rioting and coinbase all moving higher, double digits. also looking at shares of nvidia, dipping after closing at a record-high yesterday when it announced an ai partnership with google. the stock is now up 230% this year making its the best performer this year.

federal regulators are ordering tesla to offer driver assistance data systems. pvh rising following an earnings beat and a % to 4% remember knew growth. the company says it plans to improve inventories and reallocate resources for a more efficient supply chain. and the tsa says labor day weekend will bring the busiest travel season. the august adp report is out at 8:15 eastern followed by the investment report and then pending july home says at 10:00 a.m. look for earnings from brown foreman and then after the close, crowd source, chewy, they all report. taking a look at futures, they

were in the red. we're seeing the same situation right now. this would provide a mini upset. joining me now to discuss if this trend can continue. >> roy is it going to say as you see futures in the red right now? >> i think it has. we'll see a little bit of dressing from seattle managers who are underinvested. people are little relieved. the j.o.l.t.s. number was opti optimistic. it's all about the fed's path.

if they're going to pause -- i'm in the camp where they're done with the historic rate-hiking campaign. what's interesting is the fed watch tool is articulating the fact they're going to press pause, but it's not about the next. it's about the next meeting for the rest of the year. that's where it gets fascinating and that's where you see equities being bought because you will see the 10-year go back to under 4%. i believe the inflation air data as well as the granddaddy of all numbers, that will further underscore the fact we have the ability to have the fed press pause and just let the economy grab and digest this lower inflationary data. >> you're saying the jobs report, the granddaddy of all economic reports, i'm going to hold you to that one. you're looking at bond yields and looking at the chinese property sector. notice fundstrat. they said yesterday is proving

quite strong in in categories and evidence of bottoming out of china and metals, but can't rule a stalling out specifically because of yields. if nonfarm yields can control data and the 10-year crash is under 4% it's more likely this rally extends. do you agree or disagree? >> i do. when you talk about being dynamic, my word of the day, it really allows you to better understand that the market is pivoting or oscillating all on interest rates. that's what the fed's looking at. despite the fact that fed is trying to set policy, it's interestinglet it's the bond market. i go back to where i cut my teeth in the markets in the 30-year bond pick. that bond leadership is prevalent not just for domestic but globally as well as commodities. that illuminated the fact that some of these chinese stocks, which if you use it, tesla, any

type of play on electric vehicles especially coming out of china, that will. >> let me participate. your w.e.x. word of the day is dynamic. >> i've got a lot of coffee in me, frank. >> i can tell. we like it. we like it. what do you see being dynamic today? your pick is neo. what areas of the market do you see as dynamic? >> i think tesla. i've been an owner of tesla. when you see the move like we had with tesla yesterday, up over 8%. if you look at the relative strength index in the last couple of days, it was down for tesla. it has the ability to go back up to 300. when you think about china, china drives 60% of all the ev market. >> wait, jeff. i've got to leave you there, man. you've got a lot of coffee in

you, man. i hope you have a busy day to work all this out. >> let's go. futures are lower. we've got to leave it there. we've got "squawk box" coming up next. thank you for watching. help make trading feel effortless. and its customizable scans with social sentiment help you find and unlock opportunities in the market. e*trade from morgan stanley. with powerful, easy-to-use tools, power e*trade makes complex trading easier. react to fast-moving markets with dynamic charting and a futures ladder that lets you place, flatten, or reverse orders so you won't miss an opportunity. e*trade from morgan stanley

good morning. commerce secretary gina raimondo wrapping up a high-profile trip to china. eunice yoon interviewed her. tesla and a secret feature that could allow users to keep their hands off the steering wheel for extended periods. hurricane idalia strengthens to category 4. we'll take you live to the florida coast. it's wednesday, august 30th,

2023, and "squawk box" begins right now. ♪ ja good morning. welcome to "squawk box" on cnbc. we're live in times square. i'm becky quick. joe and andrew are off today. if you want to take a look at what's happening with u.s. equity futures, you're going to see a modest decline. the nasdaq off by about 33 points. but all of this comes after another big day of gains for stocks yesterday. the dow was up by almost 300 points in yesterday's session. that was a gain of about 0.8%. s&p was up by nearly 1.5%.